The bank officer looked like he'd had a rough day, so I just said "thank you" and walked out with my cashier's check. Man, did that weird, walking down the sidewalk with nearly all my cash assets on me. Was very glad to get it deposited into my shiny new credit union account.Yeah, you should have been able to do an electronic transfer, or at least written yourself a check.
The ill-fated $5 fee isn't the only reason to go to a credit union.
I was fairly grumbly when I agreed to a $6 monthly fee that allows for unlimited transactions (except at the *wrong* ATMs of course). My hate for banks remains though; they discriminate against poor people by making rich/dependable customers have no fees. I won't abide that.A lot of the CUs with branches in mesquite, TX seem to charge monthly fees if you're under a minimum balance. But keep in mind a lot of them are paying ATM fees and the like. It's a much better system then zapping poor people every once in a while whenever they overdraft. Which is what banks used to do. Regaining that revenue is what banks are trying to do now charging $5/mo fees and the like now (which they had to give up on).
I gave up on BofA around 1982, as a teen, when I found my savings account with them was losing more money via service charges than it ever earned in interest. I always wondered how long they would have let that ripoff go on. In all the time since then, I've never heard any good about them, and wondered why anyone would use their services when given a choice.BoA gained clients by buying up other banks, and counting on them not to leave.
For those who are saying that you can use an EFT to transfer funds to a credit union, can you explain how to accomplish that? I just tried Wells Fargo's online banking and the only options they provide are to transfer funds between accounts within that bank (checking to savings, or to someone else's account). I have an account at a credit union already, so it's literally just shifting funds.Well, hopefully you're new CU account website will let you do it directly, otherwise you could sign up for something like E*Trade an online savings account like ING direct, or, I guess, Paypal, and transfer the money in from one account and then out to the other.
While the Bank Transfer Day movement acknowledges the enthusiasm from Anonymous and Occupy Wall Street, the Bank Transfer Day movement was neither inspired by, derived from nor organized by Anonymous or the Occupy Wall Street movement, and the Bank Transfer Day movement does not endorse any activities conducted by Anonymous or Occupy Wall Street.However, they they use a Guy Fawkes image as their icon... (specifically, and somewhat ironically, one per-pixel multiplied by a US flag image)
"As a cooperative, we try to keep our fees low. However, with rising costs, it is necessary to make pricing adjustments. Effective October 31, 2011, our basic checking will incur a $5 monthly charge to offset member processing expenses. Thank-you for your loyalty!!!"My loyalty was sufficient for me to keep my savings account, but I shifted all my direct deposit setups over to it. As soon as they all went through, I closed the checking account. I simply don't have the income to justify spending $60 a year on a checking account. I can pay my credit card bill online from the savings account for free, and I never did like the idea of a debit card.
"Effective November 1, 2011, BCM FCU will not offer a travel rewards or cash back program for MasterCard and VISA credit card holders. Members will have until December 31, 2011 to redeem any outstanding travel reward points."I found a very conveniently located local bank with free checking and debit card, so my son's planning to open a checking account with them next week, close his credit union checking account and keep his savings account with them.
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posted by jeffburdges at 6:26 PM on November 4, 2011